MEMPHIS, TN—Ashford Hospitality Trust of Dallas has purchased the 232-room Memphis Marriott East here for $43 million.

The deal calculates out to $187,500 per key. The purchase price comes with an estimated forward 12-month cap rate of 8.6%. The acquisition is expected to close within the next 30 days. Upon closing, the property will be managed by Remington Lodging.

"This transaction was particularly attractive given the hotel's prime location and market attributes, which include no new competitive supply projected for the submarket and stable corporate demand generators," said Monty J. Bennett, Ashford Trust's chairman and CEO. "Additionally, with the hotel's recent conversion to a full service Marriott, it has virtually no capex (capital expenditure) needs. After the installation of our affiliated property manager, Remington Lodging, we expect to achieve continued solid increases in RevPAR penetration as the property stabilizes."

The property also has six meeting rooms with approximately 8,960 square feet of meeting space. Hotel amenities include an indoor pool and whirlpool, 24-hour fitness center, Table - A Delta Grill restaurant, and complimentary on-site parking.